IMAX has released its Q2 2023 Financial Results. In the Q&A session, CEO Richard Gelfond stated that the company is aggressively searching for more opportunities to expand the options of 70mm projection. Furthermore, it seems that there’s a delay in the deployment of the new generation of IMAX film cameras. Explore our insights below.

Opinion: IMAX Should Reinvent 15/70 Projection

Increasing 70mm projectors

Interestingly, we wrote about it recently (read our opinion: IMAX Should Reinvent 15/70 Projection). Moviegoers and cinephiles love big screens, especially IMAX 70mm theaters. Oppenheimer is proof of that, as the demand for the 70mm film version was (and still is) solidly high. However, the 70mm IMAX format was spread across only 30 theaters worldwide, which led to frustrated cinephiles that those theaters were out of their reach. Furthermore, we’ve reported about malfunction during the 70mm projection in the middle of Oppenheimer, which ruined the whole viewing experience. Hence, we explained why IMAX should reinvent 70mm projection, making it more accessible by elevation of the amount of 70mm IMAX projectors. This was addressed by IMAX CEO Richard Gelfond during the Q2 2023 Financial Results Q&A session, as stated. “We already said we are going to build new film cameras. As for the projectors, they are all dated. There’s currently no new generation of those projects. But we are thinking about more opportunities regarding this. For instance, building new 70mm projectors, and branding other 70mm projectors with IMAX. We are aggressively searching for more opportunities in that regard”.

BTS of Oppenheimer: Hoyte van Hoytema filming with the IMAX camera. Picture: IMAX

We already said we are going to build new film cameras. As for the projectors, they are all dated. There’s currently no new generation of those projects. But we are thinking about more opportunities regarding this. For instance, building new 70mm projectors, and branding other 70mm projectors with IMAX. We are aggressively searching for more opportunities in that regard. 

IMAX CEO Richard Gelfond

IMAX business is booming – thx to Oppenheimer

It has been demonstrated in the Q3 2022 Financial Results docs and is now even more significant. The blockbusterization factor is being elevated, and it takes the IMAX DNA to new heights. The math doesn’t lie. Oppenheimer led IMAX to the fourth-best weekend at the global box office in company history. $35 million IMAX global opening weekend box office, a massive 20% of the global gross from only 740 screens. North America delivered $21 million on opening weekend with a 3-day record 26.2% of the Domestic gross, and 97.5% occupancy for IMAX 70mm film locations over Opening Weekend. Moreover, almost 28 mega-budget movies are being released in 2023 and 2024 to IMAX screens. However, only a small portion of them is being shot with IMAX film cameras. For instance, explore the titles slides that demonstrate the negligible percentage of films shot with IMAX film cameras. If so, where’s the new fleet IMAX promised?

Blockbusterization: Titles shot for IMAX. Source: IMAX Q2 2023 Financial Results

Blockbusterization: Titles shot for IMAX. Source: IMAX Q2 2023 Financial Results

Delay in the deployment of 2nd generation IMAX cameras

As you all know, in March 2022, IMAX announced a new initiative in cooperation with Kodak, Panavision, and FotoKem to develop a new fleet of next-generation IMAX film cameras, with a goal to deploy the first four units in 2023 and 2024. Christopher Nolan and Jordan Peele are among a group of advisors, made up of filmmakers and cinematographers, assisting in identifying new specs and features for the prototype development phase. Moreover, Gelfond said before that movies are being shot with those 2nd generation IMAX film cameras.

IMAX Technology as presented in the IMAX Q2 2023 Financial Results

Developing and expect to deploy at least 4 new film cameras in the next several years.

IMAX

However, there’s no light at the end of the tunnel. In the Q3 2022 Financial Results, it’s stated: “Developing and expect to deploy at least 4 new film cameras in the next 2 years”. And that was in 2022. However, in the recent document, it’s stated: “Developing and expect to deploy at least 4 new film cameras in the next several years”. Thus, it will take some time till we see those new cameras, which means, only certain ‘IMAX directors’ can use them (Nolan, Bay, Cameron…).